The SEC said a Goldman executive, with the approval of senior management and lawyers, spoke to the media about the PetroChina offer even before an IPO registration statement had been filed with the SEC.

Improper IPO promotion was also carried out by salespeople on Goldman Sachs' New York Asian desk who sent e-mails to investors promoting IPOs during the mandatory waiting period between the filing of a registration document and SEC approval.

The e-mails contained abbreviated sales pitches, in contravention of SEC rules which state only a full prospectus can be used to promote sales during the waiting period.